Historic US$33t of futures transacted
Print Edition
The cumulative turnover of futures markets nationwide hit a historic high of 206.42 trillion yuan (US$33.3 trillion) in the first nine months, up 72.6 percent from the same period in 1993 when data were first tracked, according to the China Futures Association.
From January to September, a total of 1.59 billion contracts changed hands, an increase of 55.5 percent year on year.
Following the debut of treasury bond futures and steam coal futures in September, petroleum asphalt futures, iron ore futures and egg futures will be publicly traded this month, which will bring a golden age of development for the domestic futures market, according to insiders.
Wang Jun, vice president of Beijing CIFCO, attributed the historic high to four factors: the volatile stock market drove capital to stock index futures; prices and profits of finished goods dropped, leaving market participants more interested in hedging and arbitrage in futures market; trading volumes of silver and gold futures grew substantially from a year earlier; agricultural commodity futures were hot as this sector’s trading volume took up more than 30 percent of the market’s total.
Influenced by factors such as fewer trading days and frequent global macro events, turnover and trading volume in September dropped from August’s level.
The trading volumes of stock index, precious metals, nonferrous metals, building materials and agricultural products all fell last month from their August levels.
Wang said the fall was caused by a capital outflow before two holidays.
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